Bechtle AG — Earnings Release 2002

May 23, 2002

News Details

Ad-hoc | 23 May 2002 08:30

Bechtle AG english

Bechtle AG: Strong despite weak economy Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Strong despite weak economy In a currently sluggish market, Bechtle returned sales amounting to 165 mio.euros (previous year 141 mio.euros) in the first quarter of 2002. The 17% increase in sales resulted mainly from external growth. In relation to the contracted market, Bechtle has also grown organically. EBITDA, at 3.6 mio.euros, was below the comparative value (5.1 mio.euros). It should be noted, however, that company locations recently set up in Munich, Kassel, Hamburg and Aschaffenburg initially produced start-up expenses amounting to around 1 mio.euros. The System House division contributed 2.3 mio.euros to EBITDA, with the eCommerce division 1.3 mio.euros. The key figures (previous year): Revenues: 165 mio.euros (141 mio.euros), EBITDA: 3.7 mio.euros (5.0 mio.euros), EBIT: 1.5 mio.euros (2.6 mio.euros), EBT: 1.7 mio.euros (3.1 mio.euros), net income: 1.1 mio.euros (1.7 mio.euros). The quarterly report will be available as of 29th May under www.bechtle.com. Although the result of the first quarter ist not satisfactory, Bechtle clearly remained profitable and performed extremely well compared with the market as a whole. When interpreting the EBIT and EBT figures, and net income, it should be realised that, in accordance with SFAS 142 no planned goodwill amortisation (previous year’s quarter 809 thousand euros) took place. In the period under review, in accordance with SFAS 141, 132 thousand euros were amortised on the customer base instead. In the IT sector, the first six months are usually weaker than the second. Although the figures for April give no cause for concern, Bechtle expects a tough second quarter. The company also expects that neither the economy nor the IT market are going to pick up before 2003. As a consequence, Bechtle will therefore reduce its workforce by 150 employees to around 2150 through natural fluctuation and dismissals. The company remains firmly committed to achieving its targets for 2002 (800 mio.euros in sales, a clear profit, and continuity in terms of dividends). Bechtle is operating in a consolidating market. This development is due not to a fundamental decline in demand, but to the overall weak economy. Regardless of the comfortable liquidity cushion on which it rests, the company is definitely making profits. Bechtle sees the consolidation of the market therefore as an opportunity to improve its competitive position. end of ad-hoc-announcement (c)DGAP 23.05.2002 ——————————————————————————– WKN: 515870; ISIN: DE0005158703; Index: Listed: Neuer Markt Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf, München, Hamburg, Hannover und Stuttgart 230830 Mai 02